SEN bails on NZ basketball teams to slash costs
Craig Hutchison’s Sports Entertainment Network is slashing costs, leaving two New Zealand teams at risk of folding.
National
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Craig Hutchison’s Sports Entertainment Network has bailed on a women’s basketball team, failing to renew their licence for the 2025 season as the company slashes costs.
The media and sports teams company announced it was ditching the Southern Hoiho women’s basketball franchise in New Zealand, with the club likely to fold.
SEN was also walking away from the Otago Nuggets men’s basketball team, just two weeks before the start of the Basketball New Zealand season.
It comes as the company released half year results that showed an operating loss of $456,000.
Hutchison was approached for comment on the decision to cut ties with the NZ basketball teams.
Basketball New Zealand issued a statement on Monday confirming that SEN was walking away from the teams.
“We recognise the importance of these teams to our professional leagues and to their communities, and our immediate priority is to find the right solution for their long-term sustainability,” Dillon Boucher, CEO of Basketball New Zealand, said.
“Our priority is to secure a stable future for both teams, and we look forward to engaging with interested parties as we work through this process.”
SEN has been involved with the Otago Nuggets and Southern Hoiho for three years, which was aligned to their radio network there.
But the company had a fire sale on its NZ radio licence after losing millions on the ambitious venture to become a trans-Tasman broadcaster.
Sources claim that SEN has been trying to sell the Nuggets and Hoiho teams for several months but have held to an above market price point.
The licences are likely to revert to the ownership of BBNZ if SEN failed to find an approved buyer.
The Southern Hoiho just finished their season, with their future in doubt for when competition returns in October.
SEN has confirmed it will bankroll the Nuggets for the 2025 season, with their first round match on Friday, March 14.
SEN released financial results on February 20, which listed a $29.2 million profit.
However, that was underpinned by the $29.7 million profit on the sale of the Perth Wildcats to tech entrepreneur Mark Arena.
The company had an operating loss of $456,000, page 12 of the report released to the Australian Securities Exchange states.
The Wildcats sale allowed the company to pay down its $20 million Commonwealth Bank loan.
Hutchison is SEN’s major shareholder and has previously issued quotes on most of the company’s media releases.
However, SEN Teams’ CEO Richard Simkiss, who previously worked at the AFL, was left to deliver the bad news on Monday.
“As our business evolves, we’ve had to make the difficult decision to seek an exit from both teams,” he said in a statement.
“While this wasn’t an easy decision, it reflects our commitment to aligning our operations with our broader business goals.”
“We’re committed to ensuring a smooth transition and to supporting the Nuggets in delivering a successful 2025 season.”
stephen.drill@news.com.au
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